Kampala, Uganda – In a revealing snapshot of Uganda’s burgeoning financial landscape, tycoons Charles Mbire and Sudhir Ruparelia have emerged as the frontrunners among the nation’s elite investors on the Uganda Securities Exchange (USE). A recent analysis highlights the dominance of banking and telecom sectors in building personal fortunes, with the total market capitalization of the USE standing at an impressive UGX 37.3 trillion as of early February 2026.
The ranking evaluates investors based on their portfolio values using the latest closing prices and an exchange rate of UGX 3,561.77 to the US dollar. This comes amid a robust 34% surge in the USE All Share Index over the past 12 months, signaling growing investor confidence in Uganda’s economy despite global uncertainties.
Leading the pack is Charles Mbire, whose investment portfolio is valued at a staggering $91.1 million. Mbire’s wealth is largely anchored in telecommunications, where he holds a 4% stake in MTN Uganda and serves as the company’s chairman. His strategic positioning in one of Africa’s fastest-growing telecom markets underscores the sector’s pivotal role in wealth creation.
Hot on his heels is Sudhir Ruparelia, a household name in Ugandan business circles, with a portfolio worth $11.4 million. Ruparelia’s investments span the banking industry, including a 0.65% stake in Stanbic Uganda Holdings and a 2.5% stake in Bank of Baroda Uganda. Known for his expansive Ruparelia Group empire, which includes real estate, hospitality, and education, Ruparelia’s financial acumen continues to solidify his status as a pillar of Uganda’s private sector.
The top 10 list reveals a heavy concentration in banking, with seven investors deriving significant value from stakes in Stanbic or Bank of Baroda. This trend points to the stability and attractiveness of financial institutions on the USE, even as other sectors like pharmaceuticals make notable appearances.
Here’s the full rundown of Uganda’s richest investors on the exchange:
1. Charles Mbire – $91.1 million (Key holding: 4% in MTN Uganda; Chairman of the board)
2. Sudhir Ruparelia – $11.4 million (Holdings in Stanbic Uganda and Bank of Baroda; Founder of Ruparelia Group)
3. I.K. Kabanda – $4.0 million (Primarily in Stanbic)
4. Ceasor Mulenga – $3.8 million (In Bank of Baroda)
5. Frederick Kitaka (tied) – $3.4 million (Stakes in Quality Chemical Industries, a key player in pharmaceuticals)
6. Emmanuel Katongole (tied) – $3.4 million (Also in Quality Chemical Industries)
7. George Baguma (tied) – $3.4 million (Investments in Quality Chemical Industries)
8. Michael Mbire – $1.9 million (In Bank of Baroda; Related to top-ranked Charles Mbire)
9. Joseph Byamugisha – $1.3 million (In Bank of Baroda)
10. Andrew Muhimbise – $1.2 million (In Bank of Baroda)
This elite group not only represents individual success stories but also reflects broader economic shifts in Uganda. The prominence of family ties—such as between Charles and Michael Mbire—highlights how generational wealth and networks play a role in dominating the market. Meanwhile, the inclusion of pharmaceutical investors like Kitaka, Katongole, and Baguma from Quality Chemical Industries shows diversification beyond traditional banking.
Watchdog Uganda reached out to USE officials for comment on the implications of this concentration in banking stocks, but no immediate response was available. Analysts suggest that while the exchange’s growth is promising, encouraging more listings in emerging sectors like agriculture and technology could broaden investor participation and reduce sector-specific risks.
As Uganda’s economy continues to evolve, these investors serve as benchmarks for aspiring entrepreneurs. Stay tuned to Watchdog Uganda for more insights into the nation’s financial movers and shakers.
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